PetMed Express, Inc. (PETS) Stock

PetMed Express, Inc. (PETS) is a Consumer Discretionary stock trading at $1.76 (as of 2026-08-20), with a market capitalization of $37.71M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

PetMed Express, Inc. operates a U.S. pet pharmacy selling prescription and non-prescription medications, health products, and pet supplies for dogs, cats, and horses. It distributes products through its website, mobile app, telephone contact center, and direct mail/print, including TV advertising.

Understand PetMed Express, Inc.: how it makes money

PetMed Express sells pet medications and pet health and supply products (including flea and tick and other non-prescription items, plus prescription pet drugs). It makes money by generating net sales from customer orders and also has a PetCareRx membership program (with membership program revenue reported as 0.0).

The core profit engine is turning acquired pet parents into shipped, repeat purchasing customers, and doing so while managing fulfillment and inventory efficiently, because operating profitability is currently negative despite a reported gross margin of 23.3%.

Revenue by segment (latest quarter)
NetSales	$0.0B
Membership	$0.0B

Business quality (Weak): Clear indicators of customer acquisition and funnel improvement, but profitability remains weak (operating margin of -25.7%), and the membership revenue contribution is currently reported as 0.0.

Bull case

New customer growth: Net New Customers are 75,600, with 63,000 New Customers With Shipped Orders.
Customer satisfaction signals: Trustpilot Customer Rating is 4.5 and Net Promoter Score is 80.
Operational and funnel improvements: Phone Abandonment Rate Improvement is 41%, Conversion Rate Uplift is 12%, and Queue Time Reduction is 36%.
Inventory actions and efficiency: Inventory Turn is 1.5, and Underperforming Stock Keeping Units Eliminated is 4,000, along with Ending Inventory Reduction of 11%.

Bear case

Profitability is currently negative: Operating margin is -25.7%, indicating losses at the operating level.
Gross margin alone is not translating to operating profit: Gross margin is 23.3%, but the company still reports a negative operating margin (-25.7%).
Membership program revenue is reported as zero: PetCareRx Membership Program Revenue is reported as 0.0, so this revenue stream is not currently supporting results.
Some key order value metrics are not provided in usable form: Average Order Value and Shipped Order Average Order Value are listed as 0.0 in the provided data, limiting visibility into monetization per order.

Valuation — source: SEC EDGAR (first-party)
Price	$1.76
Market Cap	$37.71M
Price / Book	1.30
Price / Sales	0.21
FCF Yield	-87.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$179.02M
Net Margin	-32.0%
Revenue Growth (YoY)	-21.1%
EPS Growth (YoY)	813.3%
FCF Growth (YoY)	8256.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.29 (distress)

Valuation vs Sector & Industry
Sector P/E (Consumer Discretionary)	20.5
Industry P/E (Retail)	19.5

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock Fund Advisors ($37.17M)
Institutional Holders Tracked	10

Company
Sector	Consumer Discretionary
Industry	Retail
CEO	Leslie C. G. Campbell
Employees	287
Country	US
IPO Date	1999-04-26

Related Companies (Business model: Brick-and-Mortar Retail (incl. Omnichannel); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.